Erika Davis
There’s no question that the commercial real estate market has gone through significant ups and downs in the past few years, but Chicago’s commercial real estate opportunities are strong and steady. It’s an ideal time to seek new office space in Chicago. Here is five reasons why downtown Chicago is a prime office location, plus a recommendation for an office space that checks every box on a wish list.
- Major corporations are investing in Chicago: Google has plans to move 1,000 employees into the former Thompson Center within the next two years. JPMorgan Chase is remodeling its Chicago tower to keep its more than 7,000 employees in the city. Companies like Mesirow and PNC Bank have committed to long-term lease extensions in 2024. As these large firm commitments and investments show, the Central Loop is a prime location for office space.
- Chicago is consistently on top in commercial real estate: The Chicagoland area has been named the “Top Metro for Corporate Investment” by Site Selection magazine for 11 straight years. The city’s consistent popularity and sustained rate of investment bodes well for local, long-term tenants and businesses new to the city.
- The flight to quality continues: The “flight to quality” in commercial real estate continues, with tenants seeking features like gorgeous views, luxury amenities, and advanced technologies. Tenants are enjoying these benefits without sacrificing preferred locations, and they’re finding favorable lease terms, even at in-demand locations.
- Commercial construction prices have stabilized: In Chicago, first quarter commercial construction costs were flat, and increased only 2.4 percent over the last 12 months. This is good news after 12 consecutive quarters of increases (source: Mortensen Construction Index). Commercial tenants can renovate and update office space in a stable environment.
- Chicago is the “Best Big City:” For seven consecutive years, voters have chosen Chicago as the “Best Big City” in Condé Nast Traveler’s Readers’ Choice awards. Chicago’s diverse and vibrant neighborhoods, the array of restaurants and eateries, arts and culture opportunities, the sports scene, the variety of entertainment, and the retail landscape are just a few reasons tourists, employees, and residents love Chicago as a city.
The Monroe Building – Office Space in the Heart of Chicago
The Monroe Building, at 104 Michigan Avenue, checks all the boxes on an office space wish list. It’s a historic Chicago landmark and a crown jewel in the city’s collection of fine architecture. The building has been meticulously restored to preserve its history while integrating an array of modern amenities and business-friendly features. Its Millennium Park location is in the center of Chicago’s most popular attractions, restaurants, cultural institutions, and shops.
Commercial tenants in The Monroe Building enjoy beautiful skyline views, state-of-the-art technology, 24-hour staffed security, and high-touch service from the TAWANI Property Management team. The building offers a fitness center, auditorium, conference and event spaces, and a data center. Commuters can store bicycles in a secure bike room, receive discounted parking at Millennium Park Garages, or access nearby public transportation hubs.
For more information, contact the TAWANI Property Management office at 312-374-9785.
